By Laura Lutz
Des Moines, Sept. 13 - Mooter Media Ltd. plans to conduct a private placement of shares for up to A$4 million.
The company will sell up to 5.33 million shares for A$0.75 each.
The placement will be divided into two tranches. In the first, sophisticated and institutional investors will buy up to 2.18 million shares for proceeds of up to A$1.64 million.
In the second tranche, the company will issue up to 3.15 million shares to existing substantial shareholders for proceeds of up to A$2.36 million.
The second tranche is subject to shareholder approval at a general meeting on Oct. 20.
Current substantial shareholders John Fairfax Holdings Ltd. and Nanyang Financial Service Pty. Ltd. have both agreed to invest in the placement.
Proceeds will be used for working capital, to determine the feasibility of business expansions and for acquisitions.
The company also intends to conduct a share purchase plan for up to $5,000 each for existing shareholders. Details of that plan will be announced later.
Sydney, Australia-based Mooter Media offers targeted internet advertising services.
| Issuer: | Mooter Media Ltd.
|
| Issue: | Stock
|
| Amount: | A$4 million
|
| Shares: | 5.33 million
|
| Price: | A$0.75
|
| Warrants: | No
|
| Investors: | John Fairfax Holdings Ltd. and Nanyang Financial Service Pty Ltd. (others)
|
| Pricing date: | Sept. 13
|
| Stock symbol: | Australia: MMZ
|
| Stock price: | A$0.80 at close on Sept. 13
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
